Bill Clinton passed the Community Reinvestment Act or CRA although it really was CRAp. Clinton’s law says banks must make a percentage of their mortgages to “nontraditional” homebuyers, or people who could never and should never get a mortgage. You know, the ACORN crowd. Billy said banks could get a commission for writing CRAp mortgages and selling them to Fannie Mae. By selling the CRAp, the banks no longer had any risk. Let a banker earn unlimited, risk free commissions writing CRAp, and you get where we are today.
All the toxic assets that today’s bailout plan wants to buy are nothing but big packages of Bill Clinton’s CRAp.
As soon as Congress rejected bailing out Bill’s CRAp, Hillary Clinton and John Kerry (two who lost any chance at being President and are now mad at the American people for not choosing them) announced that they would revive the bailout in the Senate, hoping that if the Senate passed it, they could twist enough arms in the House to ram it through.
Actually, Hillary Clinton and John Kerry want to ram it up our A**es, with even higher tax increases than even Barry O wants, a weak dollar (which takes more dollars to buy oil – $10 a gallon gas), and inflation that will raise the price of bread to $20 a loaf. See the truth at http://ngoldfarb.wordpress.com